Housing Supply on the Rise in Suburban D.C.
According to a new report by CNBC, there has been a recent surge in the number of the houses listed for sale in the Washington, D.C., suburb of Northern Virginia.
Unfortunately, however, the increase in listings has not translated into an increase in sales, leaving a surplus of unsold homes in the area.
“We only had a 1.64 month supply of homes in January 2014. This led to a lot of multiple contract situations which drove up prices, and by the time many spring sellers put their homes on the market it appears that the prices weren’t able to hold, which led to higher days on market and increased inventory,” Edward Berenbaum, a Realtor in Alexandria, Virginia, told CNBC.
Image via flickr/Ben Salter